You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 14
August 2013: -
On 13
August 2013, FII Bought INR 227.08 crs and DII Bought INR 115.29 crs
We got
2.80% rebound on Bank Nifty which was really very rare kind of bounce. After market
hours, Tata Steel has given positive shock with its quarterly numbers. I hold
half of my long. There are less bad for today’s trading but NSEL fresh
development can hurt sentiment again.
On other
hand, market will get July WPI number today which will come during market hours
only. It is expected to come at 5.10% due to higher food inflation. One should
expect some reaction in those hours.
Technical
charts suggesting for support at 5640 levels now. As long as it is maintains
5640 levels we can expect some more extension in rise. I have earlier discussed
about death crossover and that market was at 5820. I am considering that this
recovery will die before 5820 levels. Let us see today’s trading.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty July future – SGX AUGUST NIFTY is
trading will fall of 20 points which is acceptable after almost 200 points of
recovery on Nifty. It is likely to open near 5690. So far, charts are saying
for buy in dip assuming for trading support at 5650-5640 levels. On higher
side we can expect 5750+ levels. Litmus test will emerge only at 5800+ levels. Expect
heavy premium fluctuation today.
S&P
500
– As long as it is saving 1680-1675 range, it is likely to give rebound. It has
just saved 1680 yesterday and moved towards 1696+ levels. We are getting
negative divergence on many momentum indicators but US market has history of
violating those. Technically it is looking for a dead day to positive day with
a challenge at 1700 and 1710.
Regards,
Praveen
Kumar
